PAPA keeps interim at 2c

CAC Papantoniou, the supermarket group active in the Paphos area maintained their interim dividend at 2c per share for a yield of 5% based on its 39.5 cent CSE price, and at the same time issued a bullish profit forecast for 2005.

PAPA, which reported net profits of CYP 1.26 mln for 2004 said it will surpass the gains during 2005 in tandem when it released its first half results showing an increase in profits from CYP 540k to CYP 635k.

Following a nose dive in profitability during 2002 when profits fell to CYP 208.000, PAPA has been steadily increasing profits and from CYP 889.000 in 2003, net profits climbed to CYP 1.26 mln last year.

In 2004, PAPA had declared a total of 4c per share dividend and all indications point that for 2005 the dividend will be matched.